UAE-based international district cooling developer, National Central Cooling Company (Tabreed) has entered into a deal with Oman’s mixed-use waterfront development, Al Mouj Muscat to acquire its district cooling plants and associated assets for $17.8 million.
The new deal made through Tabreed’s Oman subsidiary comes in line with the company’s Gulf-wide expansion interests. Over the last two years, the district cooling developer has activated a sustained expansion strategy to develop capacity and visibility in key Gulf and overseas markets such as Egypt and India.
Tabreed has also signed a long-term concession agreement between Al Mouj Muscat and Tabreed Al Mouj, a wholly-owned subsidiary of Tabreed Oman, which in turn is 60.54 percent owned by Tabreed, the district cooling firm said in a bourse filing on Dubai Financial Market.
In the UAE, Tabreed is associated with mega-developments such as Downtown Dubai and Saadiyat Island’s district cooling plants in Abu Dhabi. Last year, it also sold a 44 percent stake held in the Qatar entity to United Development Company.
In the first nine months of 2021, Tabreed saw its profits increase from $101 million in 2020 to $105.7 million. In the first half of last year, the company’s total connected capacity reached 1,417,179 refrigeration tons (RT).
Al Mouj Muscat
Al Mouj Muscat is a mixed-use waterfront development in Oman. The award-winning master plan connects people, businesses and cultures to create a thriving community that is positively integrated with a sustainable environment. Al Mouj Muscat is a joint venture between the UAE-based Majid Al-Futtaim Properties, Oman Tourism Development Company (OMRAN) and Oman National Investments Development Company (Tanmia).
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
